Bitcoins anticipated halving event, a significant moment in the cryptocurrency world, has got everyone in the crypto community on edge. Renowned crypto expert Willy Woo, however, has added fuel to the excitement with his optimistic forecast, which leaves Bitcoin supporters feeling bullish.
Specifically, Bitcoin’s price could experience significant upward momentum after the Halving event, with potentially rapid and steep increases described as “ballistic.”
Significantly, Bitcoin’s Halving is a key feature of its system. It happens roughly every four years and cuts down the compensation given to miners for processing transactions on the blockchain.
At this event, the supply of Bitcoin being introduced into the market is decreased, leading to an increase in its scarcity and possibly influencing its pricing trends.
Bitcoin Would Go ‘Ballistic’ Based On This
Woo’s examination explores the deep consequences of the approaching Halving for Bitcoin. The bitcoin supply grows by 1.7% every year, but this rate will decrease to just 0.85% post-event.
The decrease in Bitcoin’s supply growth rate has a more significant impact than the 1.6% increase in gold’s yearly supply.
In addition, Woo compares the increasing supply of Bitcoin with the decreasing value of the US dollar due to inflation.
When the rate at which the US dollar is supplied returns to a normal range of 5-10 percent, Woo believes that Bitcoin’s price will experience a significant increase due to its limited supply and rising status as a shield against inflation.
10 days to the halvening… #Bitcoin‘s annual supply growth drops from 1.7% to 0.85%.
This beat’s gold’s number of 1.6% (gold supply doubles every 44yrs)
USD is -1.7% right now in its fight against inflation.
Normal range is 5-10%, when it reverts, BTC goes ballistic.
— Willy Woo (@woonomic) April 9, 2024
Diverging Perspectives On BTC Trajectory
Though Woo’s positive prediction about Bitcoin’s future is encouraging, a survey carried out by Deutsche Bank offers a more complex view based on consumer feedback.
One-third of the survey participants expressed pessimistic views on Bitcoin’s future price trend, according to the survey results, indicating a clear split in opinions among respondents.
Some people believe that Bitcoins value will drop below $20,000 by the end of the year, going against the general optimistic outlook.
Contributing to the conversation, Arthur Hayes of BitMEX expresses a pessimistic perspective on Bitcoin’s expected price trend following the halving. In a detailed examination published on his blog, Hayes lays out his apprehensions about the possibility of a substantial price drop post-halving.
Some experts predict that Bitcoin will have a strong upward trend during the halving event. However, Hayes proposes a different perspective where Bitcoin’s price action could be more muted. He advises caution due to increased market instability.
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2024-04-10 04:16